On 1 June 2018, Zaqim Najah established ZN Enterprise for undertaking brokerage services. The following transactions...

 

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On 1 June 2018, Zaqim Najah established ZN Enterprise for undertaking brokerage services. The following transactions had taken place during the month of June 2018. Eljay invested RM150,000 cash in the business, as its sole owner. Interviewed two personnel and employed them immediately with a salary of RM2,000 each. Purchased office supplies RM500 cash. Paid rental in advance for 12 months amounting to RM60,000 Purchased equipment for RM60,000 paid cash RM10,000 and the balance to be paid at a later date. 1 2 3 4 Paid RM1800 for a 1year insurance policy on the equipment. 10 Received cash in advance from a customer RM13,500. Services are expected to be delivered at the end of the month. 12 Purchased more office supplies RM13,000 on account. Provided services for RM60,000 – RM25,000 cash and RM35,000 on account. (This is not relating to 10 June advance payment) 18 A customer paid RM5,000 for the services provided on 14 June. Received utility bill for RM1400 and will only be paid next month. 24 Paid RM800 for supplies purchased on 12 June 30 Provided services amounting RM2,800 for the customer who made the ladvance payment on 10 June 8 14 20 Additional information: 1. The salary for the two employees were still accrued. Equipment was expected to be used for 5 years with a salvage value of 2. RM10,000. 3. RM500 value of office supplies have been utilized in the month of June. Rental and insurance were effective from 1 June 2018 and incurred monthly. 4. REQUIRED: (a) Prepare journal entries to record each of the transaction above with the necessary adjustments. (40 Marks) (b) Post all the journal entries to a ledger of four column accounts. (28 Marks) Prepare an adjusted trial balance as at 30 June 2018. (12 Marks) (d) Prepare Statement of Profit or Loss and Other Comprehensive Income for ZN Enterprise Sell for the month ended 30 June 2018. (6 Marks) (e) Prepare Statement of Changes in Equity for ZN Enterprise for the month ended 30 June 2018. (4 Marks) (f) Prepare Statement of Financial Position for ZN Enterprise as at 30 June 2018. (10 M) On 1 June 2018, Zaqim Najah established ZN Enterprise for undertaking brokerage services. The following transactions had taken place during the month of June 2018. Eljay invested RM150,000 cash in the business, as its sole owner. Interviewed two personnel and employed them immediately with a salary of RM2,000 each. Purchased office supplies RM500 cash. Paid rental in advance for 12 months amounting to RM60,000 Purchased equipment for RM60,000 paid cash RM10,000 and the balance to be paid at a later date. 1 2 3 4 Paid RM1800 for a 1year insurance policy on the equipment. 10 Received cash in advance from a customer RM13,500. Services are expected to be delivered at the end of the month. 12 Purchased more office supplies RM13,000 on account. Provided services for RM60,000 – RM25,000 cash and RM35,000 on account. (This is not relating to 10 June advance payment) 18 A customer paid RM5,000 for the services provided on 14 June. Received utility bill for RM1400 and will only be paid next month. 24 Paid RM800 for supplies purchased on 12 June 30 Provided services amounting RM2,800 for the customer who made the ladvance payment on 10 June 8 14 20 Additional information: 1. The salary for the two employees were still accrued. Equipment was expected to be used for 5 years with a salvage value of 2. RM10,000. 3. RM500 value of office supplies have been utilized in the month of June. Rental and insurance were effective from 1 June 2018 and incurred monthly. 4. REQUIRED: (a) Prepare journal entries to record each of the transaction above with the necessary adjustments. (40 Marks) (b) Post all the journal entries to a ledger of four column accounts. (28 Marks) Prepare an adjusted trial balance as at 30 June 2018. (12 Marks) (d) Prepare Statement of Profit or Loss and Other Comprehensive Income for ZN Enterprise Sell for the month ended 30 June 2018. (6 Marks) (e) Prepare Statement of Changes in Equity for ZN Enterprise for the month ended 30 June 2018. (4 Marks) (f) Prepare Statement of Financial Position for ZN Enterprise as at 30 June 2018. (10 M)